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Ray Ranson has submitted a new takeover proposal for Manchester City after the club had expressed doubts about his original offer.

Reports earlier this week suggested that former player Ranson's offer was in the region of £90 million and he appears to be leading the race to buy the club from current chairman John Wardle.

However the club had apparently told Ranson to reconsider his original proposal after it was found to contain "a number of material conditions that the board do not believe can be fulfilled".

These reportedly included the provision of a transfer kitty for the purchase of new players as well as a declaration of intention to pay off existing loans owed by the club to Wardle and David Makin, Wardle's business partner.

But Ranson's latest stock exchange statement said that his new offer "addresses the club's stated concerns about conditionality" and he is eager to lodge a formal bid.

"Further to the announcement made by Ray Ranson on April 24th 2007 and to the announcement made by Manchester City on April 25th 2007, Ray Ranson can confirm that he has submitted a revised proposal to the board of the club with a view to making a possible offer," the statement read.

"Ray would very much like to enter formal discussions with the board of the club to progress his proposal."

The statement also added that Ranson has been ready to submit his new offer "for a number of days subject to the completion of an initial review of certain due diligence information".